Market Map for Jun25Posted: June 25th, 2009
Author: Mike Korell
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Thanks once again, Mike and ChartsEdge!
Folks, my apologies for the delay in getting today's ChartsEdge map posted this morning. Meantime - looks like the GDP and/or employment numbers may be giving the markets the excuse they needed for a gap this morning. Yesterday the map worked well not only for timing but a very nice bonus by indicating relative intraday price levels too. Maybe the relative intraday price levels will work today but we won't really know that part until about mid-morning to late morning, that's when any intraday "skew" or bias typically shows up that can affect them.
If we are seeing the small 3rd of third scenario then it should provide some trend, but we're still dealing with a relatively small-level wave count so it won't necessarily provide a HUGE move day, normally ... remember also that the P&F default charts on Stockcharts.com show Dow 8000 and SPX 850 as price objectives, so we'll see if this wave once it completes its 3rd, 4th, 5th, finally gets there. Below are a couple of my SPX charts, to keep an eye on whether daytrading or swing trading ... and remember again, tomorrow is the Bradley June 26 day and then next week is a traditional "window dressing" time frame (end of June, end of month/end of quarter) - so we shouldn't be complacent that a low that may show up into tomorrow won't be followed by a movement up next week. Intraday today, I'll be looking most closely at currencies today, as well as bonds.
So - good luck and be careful as always out there, and happy market navigating!
If we are seeing the small 3rd of third scenario then it should provide some trend, but we're still dealing with a relatively small-level wave count so it won't necessarily provide a HUGE move day, normally ... remember also that the P&F default charts on Stockcharts.com show Dow 8000 and SPX 850 as price objectives, so we'll see if this wave once it completes its 3rd, 4th, 5th, finally gets there. Below are a couple of my SPX charts, to keep an eye on whether daytrading or swing trading ... and remember again, tomorrow is the Bradley June 26 day and then next week is a traditional "window dressing" time frame (end of June, end of month/end of quarter) - so we shouldn't be complacent that a low that may show up into tomorrow won't be followed by a movement up next week. Intraday today, I'll be looking most closely at currencies today, as well as bonds.
So - good luck and be careful as always out there, and happy market navigating!
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